May Nymex “mini” crude oil futures a buying opportunity on more price strength.
See on the daily bar chart for Nymex May crude oil futures that prices have made a good rebound from the March low. See, too, at the bottom of the chart that the Moving Average Convergence Divergence (MACD) indicator has just produced a bullish line crossover signal, whereby the thick blue MACD line has crossed above the thin red “trigger” line. The crude oil bulls have gained upside near-term technical momentum to suggest prices can continue to trend sideways to higher in the near term. A move above chart resistance at this week’s high of $93.90 would become a fresh buying opportunity in the May “mini” Nymex crude oil futures. The upside price objective would be $98.00, or above. Technical support, for which to place a protective sell stop just below, is located at $92.00.
